Northwest Bancshares Inc. (NWBI)

The total Delta Exposure (DEX) for NWBI across all expirations shows -596.63 net shares that market makers must hedge, with 811.98 from calls and 1,408.61 from puts. The put-call delta ratio of 1.73 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Feb 20, 26 with -1,129.69 net DEX represents significant hedging pressure that could fuel downside acceleration. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.